The Great Depression

A U.S. banking collapse sparks an American stock market crash and a global downturn. After a brief recovery in the mid-1930s, recession returns in 1937.

1973 Energy Crisis

An Arab oil embargo causes crude prices to quadruple, and a recession ensues, lasting 16 months.

Post-Black Monday

More than two years after the 1987 stock market collapse, a worldwide recession hits the U.S. About 1.5 million jobs are lost, and employment remains sluggish for years.

The Tech Crash and 9/11

After the dotcom bust and the September 2001 terrorist attacks, the economy experiences a relatively minor contraction from 2001 to 2003. But thanks in part to interest-rate cuts, the credit bubble soon begins to inflate and the recession ends mildly.